After hitting historic lows on Tuesday, Turkey's currency has recovered slightly. The lira has lost 40% of its value against the US dollar since the start of the year, amid a series of controversial interest rate cuts and double-digit inflation.
The Turkish lira hit new lows against the US dollar and euro. Analysts place the blame on the low interest rates and the cheap money policies preferred by President Recep Tayyip Erdogan.
Turkey's lira sunk to a new low against the US dollar on Tuesday. As the lira continues to tank, the Turkish working class suffer the brunt of the inflation.
12 Aug 2018
Turkey's President Recep Tayyip Erdogan called on Turkish citizens to sell their FX savings for lira as he said the nation faces a wave of "artificial Financial Instability."
6 Aug 2018
The Turkish lira continued its fall against the dollar for a sixth day, hitting a record low as a showdown continues with the U.S. over a detained American pastor.